ROCKVILLE, MD—Host Hotels & Resorts Inc. is relocating its current corporate headquarters on Rockledge Dr. to a larger space— approximately 55,000 sq. ft.—at 4747 Bethesda Ave. in Bethesda, MD. Construction is currently underway on the new building, with an anticipated occupancy date of late 2019.
Montgomery County Economic Development Corporation (MCEDC) and several Montgomery County departments worked directly with Host to customize the relocation support and financing to fit company needs, according to the company.
“Bethesda offers us the most convenient transit access, amenity rich location and high-quality, efficient office space,” said James F. Risoleo, president and CEO at Host Hotels & Resorts. “We look forward to creating a space where we can foster an energetic and entrepreneurial culture.”
“MCEDC and Montgomery County worked very closely with Host Hotels & Resorts throughout the decision-making process, and we are so pleased that the company continues to put its trust in us. We know that this decision was competitive, and are thrilled that Montgomery County is the place that best supports its evolution as a company,” said David Petr, president and CEO of MCEDC.
“We are very proud that Host Hotels & Resorts has chosen to renew its commitment to our community, and to remain one of the county’s four Fortune 500 companies. The company and its 187 employees contribute to our economy every day, and we truly value their investment in our future,” noted Montgomery County Executive Ike Leggett.
To assist with project costs, the Maryland Department of Commerce is providing a $600,000 conditional loan through the Maryland Economic Development Assistance Authority and Fund. Montgomery County is providing a $300,000 conditional grant through its Economic Development Fund.
“Host Hotels & Resorts has been an outstanding corporate citizen throughout its long history here in Maryland, and we are pleased to support their new corporate headquarters in Bethesda,” said Maryland Commerce Secretary Mike Gill. “This project reflects a great partnership with Montgomery County.”
Host Hotels & Resorts Inc. is one of four Fortune 500 corporations headquartered in Maryland, including Marriott International, Discovery Communications and Lockheed Martin.